Federal Realty Snaps Up Major Silicon Valley Retail Property
- Jan 16, 2015
In a $62.2 million deal, Federal Realty Investment Trust has acquired a controlling interest in the San Antonio Shopping Center in Mountain View. Federal Realty, the Rockville, Md.-based retail REIT, completed the transaction through a combination of 58,000 downREIT units, $18 million of cash and the assumption of $18.7 million of fixed rate debt secured by the property.
Located on a 33-acre site southeast of the intersection of El Camino Real and San Antonio Road, San Antonio Shopping Center totals 376,000 square feet of retail space. Its tenant roster features 30 national, regional, and local tenants in an area that features the headquarters of Google and LinkedIn, well as Stanford University.
Other companies that have a presence nearby include Accenture, Genencor, Mercedes-Benz Research & Development, Microsoft, Xerox, Tesla, VMware, Dell, Lockheed Martin, Schering-Plough, Skype, Groupon, Nokia and SAP.
San Antonio Shopping Center is currently anchored by Walmart, Kohl’s, Trader Joe’s and 24 Hour Fitness. Its market area totals about 137,000 residents, and household income averages $141,000.
Image courtesy of www.sanantoniocenter.com